Home > Review of the week > November 21−25, 2016. Conditions for the purchase of currency in the interbank market were temporarily simplified

November 21−25, 2016. Conditions for the purchase of currency in the interbank market were temporarily simplified

Monday, 28 November 2016 19:26

The President of Ukraine signed the Law of Ukraine “On Amendments to the Tax Code of Ukraine on the clarification of certain provisions on the taxation of non-profit organizations” of 06.10.16, № 1667-VIII. According to this law, religious organizations with non-profit status will have a privileged position compared to other non-profit organizations. In particular, religious organizations, which did not bring their founding documents in line with the requirements of paragraphs 133.4.1 of TCU, would not be excluded from the Register of non-profit institutions and organizations to 01.01.18. The norm was added to para.35 of sub-sec.4 of sec. XX of TCU. It should be reminded: other non-profit organizations could be excluded from the Register for the offense starting from 01.01.17.

Also, religious organizations with non-profit status were allowed to use the revenues for charitable activities provided for by the Law of Ukraine “On freedom of conscience and religious organizations” of 23.04.91, № 987-XII, including for the provision of humanitarian assistance, charitable activity, mercy.

The Verkhovna Rada of Ukraine made amendments to the Law of Ukraine “On Higher Education” of 01.07.14, № 1556-VII. According to the amendments, the graduates of institutions of higher education (hereinafter − IHE) are free to choose the place of work, except in cases determined by the law. Additionally, IHEs are not required to employ them.

Applicants, who concluded an agreement on working out at least three years in rural areas or towns, will be eligible for priority enrolment in medical and pedagogical universities under the state order. The government will also provide housing with heating and lighting for free use for them.

The Cabinet of Ministers of Ukraine by its Resolution “On Amendments to the Resolution of the Cabinet of Ministers of Ukraine dated August 6, 2014 № 409 and dated August 23, 2016 № 534” of 11.11.16, № 803 determined the following: if the local authorities established higher housing and utilities services norms of consumption than social norms, the compensation of additional costs for citizens (without cold and hot water counters), which receive a subsidy, should be carried out at the expense of local budgets. Therefore, the compulsory share of public services payment in such a situation should be calculated under the social norms for the consumers with a subsidy.

The State Fiscal Service of Ukraine in its letter “On the procedure for accrual and payment of the personal income tax (the war tax) from the mentioned income at the expense of own funds” of 03.11.16, № 23653/6/99-99-13-02-03-15 considered the situation when the income was paid to the employee, but the tax agent, instead of withholding the income tax and the war tax, paid such amounts at his/her own expense. As a result of such actions, the employee has an additional benefit in the amount of paid taxes for him/her. In order to avoid such a situation, it is necessary to increase the base on the coefficient in kind and then to withhold the taxes.

The State Fiscal Service of Ukraine in its letter “On the tax consequences on VAT on transaction upon presentation of the right of claim of the new creditor to the debtor and receiving the debt from the debtor” of 19.10.16, № 22627/6/99-99-15-03-02-15 explained what tax consequences on the value added tax (hereinafter − VAT) would have the transaction upon presentation of the right of claim of the new creditor to the debtor and receiving the debt from the debtor.

Replacement of the creditor in the obligation is withdrawal of the primary creditor for the obligation, accession of a new creditor to the obligation and the preservation of the full content of the obligation. Transaction upon presentation of the right of claim of the new creditor to the debtor does not lead to tax consequences on VAT, since it is passed the debtor’s obligations, which is not a product or service. Therefore, the new creditor at the date of assignment by the supplier of the right of claim to the debtor does not form a tax credit on VAT in the amount of the assigned right of claim, and does not accrue the tax obligations on VAT on the date of receipt the debt from the debtor.

The State Fiscal Service of Ukraine in its letter “On the implementation of table wines without a license for the right of retail trade of alcoholic beverages” of 15.11.16, № 24600/6/99-95-42-01-15 explained that business entities could carry out retail trade only with table wines without a license for the retail sale of alcohol. At the same time, the restrictions on sale and consumption of table wines are in force for such sellers. The restrictions are provided for by Articles 152 and 153 of the Law of Ukraine “On state regulation of production and turnover of ethyl alcohol, cognac and fruit, alcoholic beverages and tobacco products” of 19.12.95, № 481/95-BP.

In particular, it is about the sale of table wines:

to persons under the age of 18, and by persons under the age of 18;

in premises and in the territory of educational institutions, health care facilities;

from vending machines and in sales areas not provided for this.

The State Fiscal Service of Ukraine in its letter “On payment of the unified contribution by individuals − the entrepreneurs, who have chosen a simplified tax system and are pensioners” of 18.10.16, № 33824/7/99-99-13-02-01-17 noticed that the payers of the unified tax that were retired due to age or disabled (and receive a pension or social assistance according to the law) should be exempt from the obligation to pay the unified social contribution for themselves. At the same time the unified payer-pensioner or disabled person can voluntarily be the payer of the unified contribution independently defining for him/her the accrual base of the unified contribution (no more than the maximum value of the accrual base of the unified contribution).

After payment of the unified contribution, there is the right to receive social benefits of any kind (including sick leaves) in the mentioned category. In view of this, the fiscal authority states: the application of such a payer on the refund of the amounts of the unified contribution paid to him/her should be satisfied only after receiving of confirmation of the failure to receive the social benefits him/her.

The State Fiscal Service of Ukraine in its letter “On the clarification of the VAT tax reporting by agricultural commodity producers” of 21.11.16, № 37146/7/99-99-15-03-02-17 explained to the agricultural commodity producers – those who on special VAT treatment, how to correct mistakes made in the reporting (tax) period to 01.01.16 (when other rules of VAT accounting and form of special declaration). In this regard it is necessary to submit clarifying calculation according to current form approved by the order of the Ministry of Finance of Ukraine of 26.01.16, № 21.

If the error resulted in underpayment, then it should be paid to the budget and transferred to the special account of the agricultural company. It is necessary to apply the relevant proportions of distribution provided by Art.209 of the Tax Code of Ukraine (hereinafter − TCU).

The Ministry of Justice of Ukraine in its letter “On the need for confirmation of meeting the requirements of para.133.4 of Art.133 of TCU by local governments with their constitutive documents” of 17.10.16, № 35488/28454-0-33-16/7 reports: local governments should not confirm the compliance of their constituent documents with the requirements of para.133.4 of TCU for the purpose of inclusion in a new Registry of non-profit institutions and organizations.

The National Bank of Ukraine by its Resolution “On Amendments to the Resolution of the Board of the National Bank of Ukraine dated September 14, 2016 № 386” of 22.11.16, № 402 softened the temporary restrictions in the foreign exchange market for the banks and their clients.

In particular, previously the banks could buy the currency in the interbank market for their customers only if the balance of its own funds in foreign currency was less than 25 thousand US dollars (equivalent). The National Bank extended the list of exceptions that should not be included in such a balance.

Now, when its calculation, the money, which there is on the client’s account, is not taken into account, but will be used on the day of purchase of foreign currency for payments on the basis of payment orders that do not require the inclusion in the appropriate registers. Funds, which will be used to meet the obligations for transactions of goods import together with the purchased currency, also should not be included in the balance.

The amendments entered into force on 23.11.16 and are valid until 15.12.16 inclusively.

The National Commission on Securities and the Stock Market (hereinafter – NCSSM) by its decision “On approval of amendments to certain normative legal acts of the National Commission on Securities and the Stock Market (concerning the conversion of obligations into shares)” of 27.09.16, № 950 took measures due to which the obligations could be converted into shares of the joint-stock company. In particular, it is allowed to use the norms of the Procedure of increasing (decreasing) of the authorized capital of a public or private joint-stock company approved by the decision of the NCSSM of 14.05.13, № 822 for the conversion of the monetary obligations into the company’s shares via private placement of additional shares of existing nominal value (excluding banks).

The sources of the increase of the authorized capital of the company could be additional contributions, including monetary contributions made by offsetting a similar claim of regress on monetary obligations (other than rights of claim under obligations to pay wages and the obligations to pay the unified contribution for obligatory state social insurance, taxes and duties (mandatory payments) and other obligations toward state and local budgets).

It is clarified that placement of the shares can be paid not only with monetary funds but also under the agreement between the company and the investor − offsetting a similar claim of regress on monetary obligations, property rights, moral rights having monetary value, securities (except for debt of equity securities, issued by the purchaser, and the commercial papers), other property.